Archives

Home   >   Archives   

Maersk publishes fleet status update with a backlog of $2.1 billion

Rig Lynx
  • By Rig Lynx
  • May 19, 2022
  • Category : Archives
  • Views : 742

 

Commercial activity in Q1 2022:

 

Maersk Integrator: Maersk Drilling and Aker BP have entered into a rig swap agreement whereby the jack-up rig Maersk Reacher is to be replaced by the low-emission jack-up rig Maersk Integrator offshore Norway end-February/early March 2022. Maersk Integrator will be prepared for well intervention and stimulation activities at the Valhall and Hod fields. The previously announced Maersk Reacher work scope will accordingly be transferred on to the Maersk Integrator with an added scope estimated to eight months, which means that Maersk Integrator will be employed until January 2023. This contract swap arrangement will add approximately USD 29m to Maersk Drilling’s revenue backlog.

 

Maersk Reacher: Maersk Drilling has been awarded a contract with TotalEnergies E&P Danmark which will employ the high-efficiency jack-up rig Maersk Reacher for well intervention services in the Danish North Sea. The contract is expected to commence in June 2022, with a duration of 21 months. The contract includes options to extend the duration by up to 27 additional months.

 

Maersk Resolve: Maersk Drilling has been awarded a contract which could employ the harsh environment jack-up rig Maersk Resolve with Spirit Energy in the UK sector of the North Sea for the majority of 2022. The contract commenced in April 2022, with an estimated duration of 150 days. The contract value is approximately USD 16.9m, including mobilization and demobilization fees. The contract contains options to add additional work scopes with a total estimated duration of 85 days to the campaign.

 

Maersk Voyager: Maersk Drilling has been awarded contracts with Shell for the provision of the 7th generation drillship Maersk Voyager for drilling services offshore multiple countries. The contracts have commenced in April 2022, with a total firm duration of one year. The total contract value is approximately USD 107.5m, including a mobilization fee, but excluding integrated services expected to be provided and potential performance bonuses. The contracts include an additional one-year option.

 

Maersk Deliverer: INPEX Operations Australia P/L has exercised an option to extend the provisioning of the ultra-deepwater semi-submersible rig Mærsk Deliverer for drilling services at the Ichthys Field in the Browse Basin offshore Western Australia. The contract extension has a duration of one year and is expected to commence in July 2023, in direct continuation of the rig’s current contract. One one-year option remains on the contract.

 

The total firm value of contracts and extensions awarded to Maersk Drilling in Q1 2022 was approximately USD 0.4bn. At 31 March 2022, contract backlog amounted to USD 2.1 bn.

 

Subsequent events:

 

Maersk Resolute: ONE-Dyas B.V. has exercised an option to employ the harsh environment jack-up Maersk Resolute in the Dutch sector of the North Sea. The contract extension is expected to commence in May 2022, in direct continuation of the rig’s current work scope, with an estimated duration of 75 days. The firm contract value of the extension is approximately USD 6.3m.

 

Maersk Resolute: Maersk Drilling has been awarded contracts which will see the harsh environment jack-up rig Maersk Resolute employed to plug and abandon a total of 31 wells in the Dutch sector of the North Sea in support of a rig sharing agreement between TotalEnergies EP Nederland B.V. and Petrogas E&P Netherlands B.V. The contracts are expected to commence in Q2/Q3 2022, in direct continuation of the rig’s current contract, and will include the plugging and abandonment of 11 wells with TotalEnergies and 20 wells with Petrogas. The estimated duration is 575 days, and the total firm contract value is approximately USD 43m, excluding potential performance bonuses. The contracts include options to add additional work scopes with a total estimated duration of 228 days.

 

Maersk Invincible: Maersk Drilling has secured a contract with Aker BP, on behalf of the Ivar Aasen license, who will employ the ultra-harsh environment jack-up rig Maersk Invincible for the drilling of three infill wells at the Ivar Aasen field offshore Norway. The contract has an estimated duration of 86 days and is expected to commence in September/October 2022. The contract value is approximately USD 22.4m, excluding integrated services provided and potential performance bonuses.

 

Maersk Resilient: Maersk Drilling has secured a contract from Nederlandse Aardolie Maatschappij (NAM) for the provision of the harsh-environment jack-up rig Maersk Resilient for the drilling of one well in the L13 Block of the Dutch North Sea. The contract is expected to commence in June 2022, with an estimated duration of 101 days.

 

Maersk Developer: Karoon Energy Ltd has exercised options to add the drilling of up to two wells at the Neon field offshore Brazil to the work scope of the semi-submersible rig Maersk Developer. The contract extension has a duration of 80 days, in direct continuation of the rig’s previous work scope. The contract extension has a firm contract value of approximately USD 21m.

 

Source: Maersk

 

Join our mailing list here


We are #1 on Google and Bing for the "Largest Mobile Energy Network"

Come join our community!

Download the Rig Lynx app here

 

Comments (0)

Leave Comment


Check out our other stories

Rig Lynx
Mar 09, 2023

  Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023.   Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.”   Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.”   Updated Guidance   As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023.   First Quarter 2023   Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023   Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Mar 09, 2023

  Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico.   The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Mar 09, 2023

  Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin.   The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL).   Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee.   “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling.   Source: Dolphin   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here